The silicone market is expected to witness significant growth in the years to come. The market is mainly driven by increasing demand in construction and building across the globe. The growing and emerging chemical and automotive industries, especially in Asia Pacific region, is likely to boom the demand for silicone over the years to come. However, unstable prices of raw materials such as; methyl chloride and silicone metal for the production of silicone is expected to impede the growth of silicone market. The changing dynamics of research and development for product improvement by the major players are likely to open growth opportunities for the market in the near future.

Based on the type of silicone, the global silicone market is bifurcated into resins, elastomer, gels, fluids and other products. Among mentioned types, the elastomer was the largest segment of global silicone market in 2015. It accounted for 37.13% shares of the total market in 2015. Moreover, fluid is one of the fastest growing segments of silicone market in near future. The growing use of silicone fluid in automotive & transportation industry is a driving factor for the silicone market. In addition, the increase in consumption of silicone in medical and personal care industry is expected to boost the demand for silicone during the years to come. Gels and resins are also important types that are projected to augment at a growing CAGR between 2016 and 2021.

A host of applications across the wide range of applications includes chemical industry, building & construction, plastics, paper, automotive and transportation, textile, medical & personal care, electrical and electronics and other. Building & construction industry was the leading segment of the market in 2015. It accounted for more than 25% share of the entire market and this growth is attributed to the growing construction industry across the globe. Emerging industrialization and urbanization are likely to propel the demand for silicone in the construction industry over the years to come. The chemical industry is the fastest growing segment and expected to remain competitive with the presence of a large number of vendors.

Asia-Pacific region dominated the market with the largest share of silicone consumption globally in 2015. China was the largest market among Asian countries, due to a large number of consumers. Asia Pacific was followed by Europe and North America in the same year. Moreover, Europe and the U.S. are likely to witness moderate growth within the forecast period owing to the huge stake in silicone development. Latin America, the Middle East, and Africa would show decent growth in the silicone market in the coming years.

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